Wells Fargo & Company Cuts Revvity (NYSE:RVTY) Price Target to $102.00

Revvity (NYSE:RVTY) had its price target decreased by Wells Fargo & Company from $130.00 to $102.00 in a report published on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other brokerages have also commented on RVTY. KeyCorp lifted their price target on shares of Revvity from $132.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Barclays cut their target price on shares of Revvity from $140.00 to $110.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Sanford C. Bernstein cut Revvity from an “outperform” rating to a “market perform” rating and set a $130.00 price target on the stock. in a report on Friday, January 10th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $145.00 price objective (up previously from $140.00) on shares of Revvity in a report on Monday, February 3rd. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.42.

Revvity Stock Performance

RVTY stock opened at $91.82 on Thursday. The stock’s 50 day simple moving average is $106.77 and its 200 day simple moving average is $114.07. The company has a current ratio of 3.60, a quick ratio of 3.03 and a debt-to-equity ratio of 0.41. Revvity has a 12-month low of $89.61 and a 12-month high of $129.50. The stock has a market capitalization of $11.03 billion, a PE ratio of 41.55, a price-to-earnings-growth ratio of 3.82 and a beta of 1.07.

Revvity (NYSE:RVTY) last announced its quarterly earnings results on Friday, January 31st. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.05. Revvity had a return on equity of 7.68% and a net margin of 9.81%. During the same quarter in the prior year, the company earned $1.25 EPS. As a group, research analysts forecast that Revvity will post 4.94 earnings per share for the current fiscal year.

Revvity Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Friday, April 18th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.30%. The ex-dividend date of this dividend is Thursday, April 17th. Revvity’s dividend payout ratio is 12.67%.

Insiders Place Their Bets

In other news, insider Joel S. Goldberg sold 15,170 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $126.73, for a total value of $1,922,494.10. Following the completion of the sale, the insider now directly owns 33,400 shares of the company’s stock, valued at $4,232,782. This represents a 31.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RVTY. T. Rowe Price Investment Management Inc. lifted its position in shares of Revvity by 16.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 20,761,308 shares of the company’s stock valued at $2,317,170,000 after acquiring an additional 2,969,326 shares in the last quarter. EdgePoint Investment Group Inc. boosted its stake in Revvity by 51.1% in the 4th quarter. EdgePoint Investment Group Inc. now owns 4,058,231 shares of the company’s stock worth $452,939,000 after purchasing an additional 1,372,456 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Revvity by 17.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,631,597 shares of the company’s stock worth $851,764,000 after purchasing an additional 1,151,821 shares during the period. Norges Bank purchased a new stake in Revvity during the 4th quarter valued at approximately $127,801,000. Finally, GAMMA Investing LLC raised its position in shares of Revvity by 15,023.0% during the first quarter. GAMMA Investing LLC now owns 287,035 shares of the company’s stock valued at $30,368,000 after buying an additional 285,137 shares during the last quarter. Institutional investors own 86.65% of the company’s stock.

Revvity Company Profile

Revvity, Inc provides health sciences solutions, technologies, and services in the Americas, Europe, and Asia, and internationally. The Life Sciences segment provides instruments, reagents, informatics, software, subscriptions, detection, imaging technologies, warranties, training, and services. Its Diagnostics segment provides instruments, reagents, assay platforms, and software products for the early detection of genetic disorders, such as pregnancy and early childhood, as well as infectious disease testing in the diagnostics market.